Coupa Software Soars in IPO as Market Cap Hits $1.5B

Shares of Coupa Software Inc. more than doubled in their stock market debut, lifting the company’s market capitalization to more than $1.5 billion and marking the latest billion-dollar tech company to make a splash going public.

Last week data-center infrastructure company Nutanix Inc. also pulled off an IPO with a market cap twice as rich as investors made it in its last private valuation. Together, the Nutanix and Coupa deals gives late-stage investors confidence that high valuations can still be profitable if those gains...